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“We were overwhelmed and just didn’t have the foresight to solve all these problems,” organizer says. “Next year, we will definitely start earlier”

McFarland – who initially pleaded not guilty last October – admitted Tuesday that he engaged in “fraudulent behavior” and accepted full responsibility for several mistakes that led to the Fyre Festival debacle. He said he “grossly underestimated” the resources needed to produce a massive festival and agreed to forfeit more than $26 million. He also apologized to his company, Fyre Media, investors and family.

Prosecutors and McFarland’s lawyers reportedly reached an agreement for McFarland to serve a 97-to-120 month prison sentence, though a judge will have the final say. McFarland could face up to 40 years in jail, with each of his two wire fraud charges carrying a maximum prison sentence of 20 years. His sentencing hearing is scheduled for June 21st.

“As he admitted today, William McFarland tendered fake documents to induce investors and a ticket vendor to put more than $26 million into his company and the disastrous Fyre Festival,” said U.S. attorney Geoffrey Berman. “He now awaits sentencing for his admitted swindle.”